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Jadestone Energy (LSE:JSE) has outlined its 2026 operational guidance alongside a year-end 2025 reserves update, signalling a stronger focus on capital discipline as weaker oil price assumptions reshape its near-term financial outlook.

The Asia-Pacific upstream producer said it will prioritise high-return infill drilling at the PM323 licence offshore Malaysia, targeting approximately 2 million barrels of oil with relatively quick payback periods. The programme is also expected to support efforts to secure a licence extension, aligning with Jadestone’s longer-term ambition to establish itself as a leading independent oil and gas operator in the region.

Production for 2026 is forecast at between 18,000 and 21,000 barrels of oil equivalent per day, broadly unchanged from the previous year. Output gains from PM323 are expected to offset natural field decline, the divestment of the Sinphuhorm asset and scheduled downtime linked to dry-docking work on the Okha floating production storage and offloading vessel.

Total production costs are projected to rise temporarily to between US$260 million and US$300 million, reflecting planned maintenance activity and contract renewals. Capital expenditure, however, has been reduced to a range of US$50 million to US$80 million, with roughly two-thirds allocated to development projects in Malaysia and Vietnam. The company has revised its forecast for unlevered free cash flow between 2025 and 2027 to US$200 million–US$240 million, assuming an oil price of US$70 per barrel.

Jadestone also expects to recognise a non-cash impairment charge of around US$90 million in its 2025 accounts, largely attributable to lower commodity price assumptions applied by its independent reserves auditor. Proved and probable (2P) reserves at the end of 2025 declined to 56.2 million barrels of oil equivalent, while associated net present value (NPV10) fell to US$519 million from US$799 million a year earlier. Despite the reduction, management noted that the valuation remains substantially above the company’s current market capitalisation after accounting for net debt.

Looking ahead, Jadestone continues to advance approval of a field development plan for its Vietnam gas project, a step that would enable reserves booking and accelerate engagement with potential partners. The company has also commissioned an updated Competent Person’s Report covering the Nam Du/U Minh discoveries and surrounding exploration potential, while progressing refinancing discussions for its reserves-based lending facility to improve financial flexibility and support future growth opportunities, including potential acquisitions.

The company’s outlook remains constrained by financial pressures including declining revenue, negative profitability, elevated leverage and negative cash flow generation. Technical indicators present a mixed picture but lean weaker, while valuation metrics provide some support due to a relatively low price-to-earnings ratio.

More about Jadestone Energy Inc

Jadestone Energy plc is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing and development assets across Australia, Malaysia, Indonesia and Vietnam. The company aims to expand and diversify its portfolio through organic developments — including the Nam Du/U Minh gas project in Vietnam and the Puteri Cluster in Malaysia — as well as acquisitions where it can apply operational expertise in mature asset optimisation and cost efficiency.

Made Tech (LSE:MTEC) delivered a strong first-half performance for the six months to 30 November 2025, reporting record revenue and profit growth as execution of its contracted backlog and improved cost discipline supported margins and cash generation.

Revenue rose 28% year-on-year to £27.8 million, while adjusted EBITDA increased 35% to £2.4 million. The performance was driven by delivery against a substantial pipeline of secured contracts and a strategic reduction in contractor usage, which contributed to improved operational efficiency and higher profitability.

Although new sales bookings declined sharply compared with an unusually strong prior-year period and contracted backlog eased slightly, the company said trading remains ahead of recently upgraded market expectations. Momentum has been supported by a recovery in UK government procurement activity, increasing demand for large-scale, long-term digital transformation programmes and growing interest in artificial intelligence solutions.

Made Tech also strengthened its financial position during the period, ending the half year with £11.9 million in net cash and no debt. The company further enhanced its leadership team with the appointment of a new chief financial officer, aimed at supporting the next phase of growth.

The group’s outlook is underpinned by improving financial performance, including a return to profitability, stronger cash flows and low leverage, alongside supportive technical trading momentum. However, valuation remains elevated, with a high price-to-earnings ratio and a track record of earnings and cash-flow volatility tempering investor sentiment, despite recent positive corporate developments.

More about Made Tech Group PLC

Made Tech Group plc is a UK-based provider of digital, data and technology services focused primarily on the public sector. The company supports government departments, healthcare organisations, education providers and public safety bodies with modernisation programmes spanning cloud infrastructure, artificial intelligence and managed services, positioning itself as a long-term partner for public-sector digital transformation.

Macfarlane Group (LSE:MACF) reported higher sales in 2025 but lower profitability, as rising costs, softer demand in parts of its business and operational disruption following a fatal incident at its recently acquired Pitreavie facility impacted earnings.

Revenue increased 11% year-on-year to £300.8 million, reflecting continued activity across the group. However, operating profit and earnings fell sharply, primarily due to weaker conditions within the Packaging Distribution division alongside cost pressures and the operational effects linked to the Pitreavie corrugated packaging business.

By contrast, Manufacturing Operations delivered more resilient performance, supported by contributions from the Polyformes acquisition and strong demand from defence and aerospace customers. The company maintained its dividend during the year and progressed a £4 million share buyback programme, while managing net bank debt conservatively within its £40 million financing facility. Macfarlane is also preparing its pension scheme for a potential buy-in transaction.

Looking ahead, management has set out priorities for 2026 centred on rebuilding margins in Packaging Distribution and restoring performance at the Pitreavie site. A £1.2 million investment in new equipment is planned to reinstate full production capacity by the second quarter of 2026. Additional initiatives include improving operational efficiency and refining sourcing strategies to mitigate input cost pressures.

Although acquisition activity will pause in the near term, the board said it continues to develop a future pipeline of opportunities and remains confident that operational improvements, sustainability initiatives and support for customers navigating new packaging regulations will help restore growth momentum despite challenging market conditions.

Macfarlane’s outlook benefits from solid underlying financial performance and an attractive valuation profile, although technical indicators currently point to weaker share price momentum. Recent corporate developments also highlight execution risks, placing emphasis on management’s ability to deliver operational recovery in the year ahead.

More about Macfarlane Group

Macfarlane Group PLC is a UK-based packaging specialist with more than 75 years of operating history and a premium listing on the London Stock Exchange. The company operates through Packaging Distribution and Manufacturing Operations divisions, supplying protective packaging, corrugated products and specialised packaging solutions to industrial, defence, space, aerospace and retail markets, with an increasing focus on higher-value sectors.

London Stock Exchange Group (LSE:LSEG) delivered solid financial growth in 2025, supported by expanding demand for data and analytics services, rising profitability and increased shareholder distributions, while reinforcing its strategic focus on artificial intelligence-enabled data platforms.

Total income, excluding recoveries, increased 7.1% on an organic constant-currency basis, with growth recorded across all major divisions including Data & Analytics, FTSE Russell, Risk Intelligence and Markets. Adjusted EBITDA rose 11.8% during the year, lifting margins to 50.3%, while adjusted earnings per share climbed 15.7% to 420.6p.

Strong cash generation enabled the group to return £2.8 billion to shareholders and increase its dividend by 15.4%, underscoring the strength of its operating model and recurring revenue base.

Management pointed to accelerating demand for its “LSEG Everywhere” strategy, which focuses on delivering AI-ready financial data and workflow solutions. During the fourth quarter, the company secured long-term data and workflow agreements valued at £1.9 billion and expanded partnerships with major technology platforms including Anthropic, Microsoft, OpenAI and Snowflake.

Strategic initiatives during the year also included bank investment into Post Trade Solutions, continued development of digital and private markets infrastructure, and further innovation across its global financial data ecosystem. The group reiterated expectations for continued mid- to high-single-digit income growth, expanding margins and strong cash flow generation, alongside plans to complete an additional £3 billion share buyback programme by 2027.

LSEG’s outlook is supported by strong operational performance, particularly high margins and accelerating free cash flow. However, technical indicators currently reflect weaker share price momentum, while valuation metrics remain elevated, with a relatively high price-to-earnings ratio and a modest dividend yield moderating the overall investment profile.

More about London Stock Exchange Group

London Stock Exchange Group is a global provider of financial market infrastructure and data services, operating trading venues, post-trade platforms, indices and benchmark businesses alongside extensive financial data and analytics offerings. Its operations span Data & Analytics, FTSE Russell, Risk Intelligence, Markets and Post Trade Solutions, supplying financial institutions worldwide with trusted data, analytics and AI-enabled workflow tools.

Mobico Group (LSE:MCG) delivered higher adjusted operating profit in 2025 as strong performance from its Alsa division helped offset weaker conditions in other parts of the business, with management saying its turnaround programme continues to gain momentum.

Adjusted operating profit rose 9% to £198 million on revenue of £2.76 billion, supported by another year of double-digit growth at Alsa, the group’s Spanish-based transport arm. Gains in the division compensated for softer trading in UK Coach operations and operational challenges within North American shuttle service WeDriveU.

Statutory operating profit declined to £21.9 million, primarily reflecting one-off non-cash charges. Free cash flow also fell during the year due to the contribution of the NASB business prior to its disposal. However, the group strengthened its balance sheet, with covenant gearing improving to 2.7x following £273 million of disposal proceeds. Mobico also retained significant liquidity, including access to an undrawn £600 million credit facility.

Management said progress under its “Simplify, Strengthen, Succeed” turnaround plan remains on track. The company highlighted an agreement in principle with German rail transport authorities aimed at establishing a more sustainable long-term rail operation, alongside continued integration of the UK Coach business into Alsa to streamline overheads and improve competitiveness.

Mobico is targeting £100 million in annualised cost savings by the end of 2026 through efficiency measures, tighter capital expenditure controls and ongoing monetisation of UK Bus assets. For 2026, the group expects adjusted operating profit to remain broadly stable within a range of £195 million to £210 million, signalling a strategic focus on margin improvement and debt reduction rather than rapid revenue expansion.

The company’s outlook continues to be constrained by legacy financial pressures, including ongoing losses, margin challenges, elevated leverage and volatile free cash flow generation. Technical indicators provide only limited support, reflecting mixed market momentum and a longer-term downward trend in the share price. While management’s reaffirmed guidance and revenue growth offer some encouragement, valuation remains pressured by negative earnings and the absence of a dividend yield.

More about Mobico Group

Mobico Group is an international shared mobility operator providing bus, coach and rail services across the UK, North America, continental Europe, North Africa and the Middle East. Its portfolio includes the high-performing Alsa division, North American corporate shuttle operator WeDriveU, and a range of regulated public transport operations in the UK and Germany, positioning the company as a major provider of contracted and regulated transport services worldwide.

Strategic Minerals (LSE:SML) has announced the discovery of a significant new tin-dominant mineralised structure at its Redmoor project in Cornwall, potentially expanding the scale of the company’s resource base.

The newly identified area, named the North Tin Zone, was defined through updated geological modelling that incorporated recent drilling results, re-logging of historic core samples and validated exploration data dating back to the 1980s from Southwest Minerals. The work indicates a laterally continuous mineralised structure distinct from Redmoor’s established Sheeted Vein System (SVS) deposit, with multiple cassiterite-bearing intersections demonstrating encouraging geological continuity.

Strategic Minerals plans to incorporate the North Tin Zone into its upcoming Mineral Resource Estimate update, alongside an assessment of Reasonable Prospects for Eventual Economic Extraction. Management believes the discovery could lead to the definition of a separate tin resource outside the existing SVS deposit, materially increasing the project’s overall mineral inventory.

The company said the finding highlights Redmoor’s long-term growth potential and strengthens its positioning as a polymetallic development project with exposure to critical minerals experiencing strong global demand. Ongoing relogging and sampling programmes are aimed at identifying further non-SVS mineralised structures across the project area.

Strategic Minerals’ outlook is supported by improved financial performance during 2024 and positive technical trading momentum. However, valuation metrics remain elevated, with a high price-to-earnings ratio and lack of dividend yield data limiting support, while overbought technical indicators suggest increased near-term volatility risk.

More about Strategic Minerals

Strategic Minerals plc is an international exploration and production company focused on the Redmoor tungsten–tin–copper project in southeast Cornwall. Through its wholly owned subsidiary Cornwall Resources Limited, the company is developing polymetallic deposits containing tungsten, tin, copper and silver — commodities benefiting from tightening global supply, increasing industrial demand and growing strategic importance within critical mineral supply chains.

Vanquis Banking Group (LSE:VANQ) reported a return to statutory profitability in 2025, marking a significant turnaround from the prior year as loan growth, tighter cost control and improving credit performance strengthened results.

The specialist lender posted profit before tax of £8.3 million, compared with a £138 million loss in 2024. Performance was supported by a 22% increase in gross customer interest-earning balances to £2.82 billion, driven primarily by expansion in second charge mortgages and renewed momentum in credit card lending. The group also continued to scale back its vehicle finance portfolio ahead of the launch of a new operating platform.

Capital strength improved during the year following the issuance of Additional Tier 1 securities, leaving the bank with a CET1 ratio of 16.5% and providing capacity to support further growth initiatives.

Operating expenses fell sharply, declining by roughly one-third to £265.5 million. The reduction was aided by £28.8 million in transformation-related savings as well as a notable drop in complaint-related costs, helped by fewer unmerited claims following revisions to the Financial Ombudsman Service fee structure.

Risk-adjusted income increased 5% to £273.8 million as the cost of risk improved to 7.3%, reflecting enhanced underwriting standards, stronger credit models and resilient customer repayment behaviour. Liquidity remained robust, with a liquidity coverage ratio of 306%, while retail deposits accounted for nearly 90% of total funding, highlighting the stability of the group’s funding base.

Vanquis reported limited exposure to the Financial Conduct Authority’s proposed motor finance compensation scheme, recording only a £3 million provision due to the absence of discretionary or tied commission arrangements within its lending practices.

Management also pointed to significant progress in its “Gateway” technology transformation programme, which is already improving credit decisioning and operational efficiency. The platform is expected to support scalable, profitable growth while enabling the bank to expand lending to underserved customers.

The company has introduced a strategic framework centred on “Serve More, Serve Responsibly and Scale Profitably,” guiding capital deployment, risk management and operational execution. Following the 2025 turnaround, management expressed confidence in delivering materially higher returns on tangible equity over the next two years.

While operational momentum has improved, the overall investment outlook remains influenced by historic financial weakness, including prior losses, revenue pressures and elevated leverage. Positive technical indicators, including share price strength relative to key moving averages, provide some support, though valuation metrics remain constrained by a negative price-to-earnings profile and lack of dividend yield. Capital optimisation measures are viewed as constructive but secondary to sustained profitability improvements.

More about Vanquis Banking Group

Vanquis Banking Group is a UK-based specialist lender focused on customers underserved by mainstream banks. Its core products include credit cards, second charge mortgages and vehicle finance, supported primarily by a stable retail deposit base that funds balance sheet growth and long-term capital deployment.

CVS Group (LSE:CVSG) reported higher revenue and continued international expansion during the first half of its financial year, alongside completing its transition to the London Stock Exchange Main Market.

Revenue from continuing operations increased 5.8% to £356.9 million for the six months to 31 December 2025, while adjusted EBITDA rose 3.9% to £67.7 million despite more challenging trading conditions in the UK veterinary market. Profit before tax declined 4.4% to £15.2 million, reflecting higher non-cash depreciation charges, acquisition-related expenses and exceptional costs associated with the Competition and Markets Authority (CMA) inquiry and the company’s Main Market listing.

The group maintained momentum in Australia, completing two veterinary practice acquisitions during the reporting period and securing additional deals after the period end. CVS also invested £17.5 million in practice relocations, refurbishments and new clinical equipment aimed at increasing operational capacity and improving standards of care across its network.

Management said the move to the Main Market, alongside anticipated inclusion in the FTSE 250 index, is expected to enhance liquidity and broaden access to capital. These developments are intended to support the company’s active acquisition pipeline and underpin medium- to long-term growth plans, even as UK consumer confidence remains subdued and regulatory scrutiny of the veterinary sector persists.

CVS Group plc’s outlook is supported by steady financial performance and positive operational progress, including revenue growth and continued acquisition activity. However, valuation metrics remain elevated, with a high price-to-earnings ratio and relatively low dividend yield suggesting potential overvaluation. Technical indicators also point to possible overbought conditions, while ongoing UK market pressures and previous cyber-related challenges continue to weigh on sentiment.

More about CVS Group plc

CVS Group plc is a UK-listed veterinary services provider operating companion animal practices and associated healthcare businesses, with an expanding presence in Australia. The company focuses on delivering clinical care while pursuing growth through acquisitions and ongoing investment in facilities, equipment and technology, targeting long-term expansion in veterinary healthcare markets.

Hikma Pharmaceuticals (LSE:HIK) delivered revenue and profit growth in 2025 while unveiling a new $250 million share buyback programme and a broad leadership overhaul aimed at strengthening operational execution and long-term strategy.

Core revenue for the year increased 6% to $3.35 billion, while core operating profit rose 3% to $741 million, supported by double-digit expansion in the Branded division and solid contributions from Injectables and the Hikma Rx generics business across North America, the Middle East and North Africa (MENA), and Europe.

Reported operating profit declined year-on-year, reflecting the impact of legal settlements and margin pressures within the Injectables segment. Despite this, the company maintained a strong balance sheet position and increased its dividend by 5%, while continuing to expand its product portfolio with 84 launches during the year, including its first biosimilar product in the United States.

Looking ahead, Hikma announced plans to repurchase up to $250 million of shares in 2026 and provided guidance for modest revenue and profit growth. The company also withdrew its previous medium-term targets following a strategic review of the Injectables business, signalling a reassessment of priorities within the division.

A significant leadership restructuring was also confirmed. Executive Chairman Said Darwazah will transition to focus exclusively on the chief executive role, while a new chair will be appointed. The company will introduce regional deputy CEO positions and has named an acting chief financial officer, moves designed to enhance accountability and organisational agility as Hikma seeks to capitalise on opportunities in biosimilars and specialty injectables.

Hikma Pharmaceuticals’ outlook is supported by strong financial performance and an attractive valuation profile. While technical indicators currently point to a weaker trend, management’s strategic initiatives and positive corporate developments are viewed as supportive of future growth potential.

More about Hikma Pharmaceuticals

Hikma Pharmaceuticals is a UK-headquartered multinational pharmaceutical company specialising in generic and branded medicines. The group operates across North America, the Middle East and North Africa, and Europe, with core activities spanning injectables, branded drugs and the Hikma Rx generics segment. Hikma also invests in innovative healthcare technologies through its venture capital arm, positioning itself as both a manufacturing partner and strategic investor in emerging therapies.

Man Group (LSE:EMG) reported a sharp increase in assets under management in 2025, driven by substantial client inflows and solid investment performance, even as earnings declined amid weaker performance fee income.

Assets under management rose 35% year-on-year to $227.6 billion, supported by net inflows of $28.7 billion and strong relative returns across several strategies, particularly within long-only offerings. Despite achieving record levels of organic growth and expanding market share, the company reported lower core net revenue and a decline in profit before tax compared with the previous year.

Management highlighted the strength of Man Group’s diversified investment platform, which helped sustain shareholder returns despite softer earnings. The firm maintained its total dividend at 17.2 cents per share and completed a $100 million share buyback programme during the period, while also allocating capital to seed 12 new investment strategies.

Strategically, the group expanded its credit investment capabilities through the acquisition of Bardin Hill and reorganised its systematic investment teams to accelerate research and product innovation. Man Group also broadened its presence in the wealth market with the launch of four active exchange-traded funds and announced a partnership with artificial intelligence company Anthropic aimed at improving investment research processes and operational efficiency.

The company’s outlook is supported by strong underlying financial performance and favourable technical indicators, alongside continued strategic investment and robust cash flow generation. However, concerns around operational efficiency and uneven performance across certain strategies remain factors that could moderate near-term momentum.

More about Man Group plc

Man Group plc is a global alternative investment manager providing systematic, discretionary and solutions-based investment strategies across public and private markets. Headquartered in Jersey and listed in London as a FTSE 250 constituent, the firm manages $227.6 billion on behalf of institutional and wealth clients worldwide, combining advanced technology with research-driven investment approaches focused on alternative assets.